Innovate or die: Top tech trends in banking

Innovate or die: Top tech trends in banking

Whether it’s social unrest or an economic downturn, it’s easy to blame banks when things go wrong. But banks have developed and survived over the course of thousands of years – the earliest bank prototypes were in Assyria around 2000 BC – because we need them for both our commercial and individual needs.

At some level we must recognize that we are unstable creatures living in frequently unstable circumstances. This makes it impractical to stash all of our millions (hopefully) in pillow cases or secret safes, so instead we give our money to an institution that we perceive as stable and secure. Consequently, we also create an engine of commerce because that money can be lent out on a basis of risk, permitting businesses to be started so that we can make money and spend money.

We’re going to continue to need banks, or similar institutions, but if existing banks hope to survive and thrive they are going to need to develop (or change?) to suit evolving needs.

As with most industries, the internet and mobile have created opportunities to disrupt traditional banking. For instance, traditional banks risk being disrupted by a wave of Fintech startups. These are companies using new technologies to provide innovative kinds of financial services. 

Read More

Banking while browsing: The e-commerce solution

Banking while browsing: The e-commerce solution

Digital security will be one of the biggest trends of 2017. The challenge at the heart of the dialogue? The pace of technology development – and cyber vulnerabilities – are increasing a rate much faster than protective measures can keep up.

The e-commerce sector, as one example, demonstrates the rapid proliferation of online transactions, with many happening across international borders. Customers may be making purchases from a store, from anywhere in the world. Meanwhile, Hackers are  constantly on the hunt for new security exploits and opportunities to wreak havoc.

How can the banking sector stay ahead of the curve to ensure that consumers remain protected when engaging in commerce online – especially when they may be sharing sensitive information or likely to be caught with a phishing request off-guard.

The banking world increasingly revolves around being digital. Here’s how they can keep up with consumer demand, while creating a more secure shopping environment.

Create more personalized products

Mike Landau who leads Payments Research at PwC aims to understand the drivers of innovation and anticipate the impacts of these changes on consumers, payments providers, and retailers.  One trend that Landau has observed is the rise of retailers needing to balance conflicting priorities in the creation of checkout experiences.

“Such considerations include collecting more user data through a mandatory site login prompt, paying higher fees to provide one-click checkout buttons from third parties, or storing card credentials to improve repeat-customer experience.”

Read More